Todd Bernstein, 67, of Birmingham, waived preliminary examination on Tuesday and was bound over to stand trial in the 6th Circuit Court in Oakland County on four counts of Insurance Fraud, each a 4-year felony, announced Michigan Attorney General Dana Nessel.
Bernstein, a financial advisor in Michigan, is alleged to have submitted misleading information on annuity suitability applications on behalf of his clients, who were over the age of 65, to conceal that new annuities were being purchased with proceeds from early surrendered annuities.
Nessel filed charges against Bernstein last month. The Michigan Department of Insurance and Financial Services (DIFS) assisted in this investigation.
“Consumers must be able to trust financial professionals to act truthfully and in their best interests,” said Nessel at the time of the arraignment. “My department remains committed to protecting Michigan residents from illegal and predatory business practices.”
A pretrial date has not yet been set.
Bernstein, a financial advisor in Michigan, is alleged to have submitted misleading information on annuity suitability applications on behalf of his clients, who were over the age of 65, to conceal that new annuities were being purchased with proceeds from early surrendered annuities.
Nessel filed charges against Bernstein last month. The Michigan Department of Insurance and Financial Services (DIFS) assisted in this investigation.
“Consumers must be able to trust financial professionals to act truthfully and in their best interests,” said Nessel at the time of the arraignment. “My department remains committed to protecting Michigan residents from illegal and predatory business practices.”
A pretrial date has not yet been set.
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